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Jake is repaying a loan of $10,000 with monthly payments $400 plus a smaller drop payment. Jake is paying an annual effective interest rate of

Jake is repaying a loan of $10,000 with monthly payments $400 plus a smaller drop payment. Jake is paying an annual effective interest rate of 9%. Determine the drop payment that Jake will pay.

A. 268.0674388

B. 266.2496506

C. 269.4439248

D. 288.9223174

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